Want to pass on that business you worked so hard to build up during your lifetime to your kids? Not so fast...The Democrats in the Senate want the largest slice first.....After all, "You Didn't build that".
This year, they can take 35 percent of everything above $5 million. Senate Democrats announced yesterday that as of January 1, they want to raise that to 55 percent of everything above $1 million. And because the $1 million is not indexed to inflation, over time this confiscatory tax would hit almost everyone who achieves some success and wants to pass it on.
That means family farms and businesses will be forced to shut down when the founder dies just to pay the tax bill.Read the whole article HERE.
Former Congressional Budget Office director Douglas Holtz-Eakin estimates that the Democrats’ 55 percent death tax would destroy as many as 1.5 million small-business jobs, walloping an already weak economy. That’s the problem with taxing “the rich” — even after they die — the real pain is suffered by the people they employ, who lose their jobs.
How is this any better than grave robbing?
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